Stellar (XLM) meteoric rise catches crypto traders off guard

Amid an ongoing struggle of the wider cryptocurrency market to retain its bullish momentum, Stellar (XLM) has been under the radar, recording gains on all of its charts, particularly noticeable in the last seven days, during which the digital asset climbed by more than 20%.

Timeline of Stellar

Cryptocurrency exchange Binance US is gearing up for a legal standoff against the U.S. Securities and Exchange Commission (SEC). Enlisting the services of an ex-SEC lawyer, the crypto behemoth seeks to tackle charges levied by the federal agency, laying down its battle lines in a court document released today.

Ripple (XRP) has seen an increase over the past week. An analysis of XRP's performance, recent events, and the implications of this upward trend show what might be on the horizon.

The price of Stellar Lumens has dropped drastically since the beginning of April. Going by the general trend in the crypto market right now, a further bearish price movement can be expected.

Big European companies have delivered significantly stronger than expected first-quarter results, defying a challenging economic backdrop that includes surging inflation and rising interest rates.

In a recent tweet, Ripple's Chief Technology Officer, David Schwartz, made controversial comments about Stellar Lumens' founder Jed McCaleb. Schwartz referred to McCaleb as a “crazy fool holding a live grenade” when discussing the differences between Ripple and Stellar.

State-owned Monte dei Paschi di Siena on Tuesday reported a much larger than expected jump in first quarter net profit as it slashed costs and, like peers, reaped the benefits of higher interest rates.

The assets for one of Franklin Templeton's key digital asset products, which is an open-ended US mutual fund using the Stellar blockchain, are increasing. As a result, the CEO of the Stellar Development Foundation is now focusing on the regulatory direction of the cryptocurrency industry.

In addition to the collaboration to bring FOBXX on the Stellar network, the Stellar Development Foundation has reportedly invested $20 million in Franklin Templeton's fund in an effort to diversify its treasury.

The Stellar blockchain has announced massive adoption news. The first U.S.-registered fund to use a public blockchain to process transactions and record share ownership is now available on the Stellar network.

Stellar lumen price is showing bearish signs below the $0.100 resistance zone against the US Dollar. XLM price is now trading below $0.100 and the 55 simple moving average (4 hours).